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KB Kookmin provides $300m for JFK Airport redevelopment

June 29, 2022 - 17:26 By Jung Min-kyung
KB Kookmin Bank headquarters in western Seoul (KB Kookmin)
KB Kookmin Bank, South Korea’s top lender said Wednesday that it will join other financial institutions in a $6.6 billion syndicated loan package to finance the John F. Kennedy International Airport’s Terminal One redevelopment project in New York.

KB Kookmin will contribute $300 million of the $6.6 billion loan, alongside Japan’s Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corp. and Dutch financial giant ING Bank.

KB said the airport renovation financing project comes as a result of its partnership with the Carlyle Group, forged last year.

The first phase of the new Terminal One project at the Kennedy Airport is set to kick off on July 8 (Eastern Standard Time), with the project estimated to cost $9.5 billion, according to reports.